The DeFi ecosystem CRD Network has partnered with Chainlink to bring all-in-one compliance solutions to DeFi platforms across various blockchains. By launching a Chainlink node, the API hub aims to act as the treasury of compliance data for various DeFi platforms integrated into its network.
In a blog post shared earlier today, the network noted,
“The end goal is for the CRD Network to be a one-stop solution where users can fill out their KYC information and then have unlimited access to decentralized protocols integrated within our KYC service platform without having to undergo multiple registrations.”
The Chainlink node will act as an oracle bridge that would enable existing APIs to become compatible across various blockchains, allowing the network to supply the compliance data directly on-chain or by leaving its cryptographic signature for verification.
The announcement noted several benefits for the integration of its node for compliance solutions regarding KYC for smart contracts platforms and DAOs, especially now that regulatory compliance has become a necessity for the successful launch and operations of any blockchain network. It stated,
“The launch of the CRD Chainlink node will help increase the adoption of enterprises and institutions across DeFi, which need KYC services in place in order to participate.”
By creating an interoperable credential for users, it will not only make it easier for them to onboard platforms, but it will also allow DeFi applications to access CRD Network’s database “in order to verify users’ digital addresses for various metrics.”
CRD Network isn’t alone
Recently, the Associated Press news agency had announced the launch of its own Chainlink oracle node. This was done to ensure the cryptographic verification of the data it receives from its U.S. newspaper and broadcaster members. The agency had noted that this would grant smart contract developers access to the agency’s “economic, sports, and race call data” once the node was operational.
Chainlink’s emergence as a trusted oracle network has been reflected in the price performance of its native token LINK which has seen a 32.9% appreciation over the past month. The digital asset has seen a recent surge in trading activity, with millions of tokens noting higher realized profits.